Is your home worth more if you live near a landmark?
Published 9 January 2020
Find out if living close to your local landmark means you're in the money, or if you might want to think about selling up!
Does living near some of the country’s most recognisable landmarks increase the value of your home? Or worse, could they even decrease the price when it comes to selling?
thinkmoney has analysed the house prices for homes within the postal district of the most reviewed tourism sights in the UK’s major cities. They then compared the results to the average house price in each city to reveal if Britain’s landmarks can really add value to your home.
Your home’s value increases by up to 60% living near a local landmark
thinkmoney’s research found that living near some of the UK’s best-rated tourist spots can boost your property’s value by up to a staggering 60%.
Wolverhampton, Glasgow and Bristol are home to the best local landmarks to live near
Wolverhampton’s National Trust Wightwick Manor and Gardens can boost your home’s value by as 60%. Properties in the postal area of the listed building are increased by as much as £310,000, compared to the average home price of £205,820 in the city.
The oldest museum in Glasgow, Hunterian Museum and Art Gallery, has thousands of visitors each year. And, it could significantly raise the value of your home by 44%. Houses within the postcode are priced at an average of £349,141, which is £152,525 more than the average home in Glasgow.
The Clifton Suspension Bridge is a symbol of Bristol and one of the more distinctive sights in the city. So, it comes as no surprise that living within the postal district of the bridge may potentially add 30% (or £245,952) to the price of your home.
However, not all UK landmarks can add value. In fact, our research found that some of the country’s most recognisable sights have the opposite effect.
The local landmarks decreasing the selling price of your home
Surprisingly, living near some of the UK’s greatest landmarks could be damaging the value of your house.
Living near Cardiff Castle could reduce the value of your home by 22%
If you happen to live within the shadow of the 1,000 year old Cardiff Castle, you could lose up to £56,624 (or 22%) from your home’s value.
Leicester’s National Space Centre could also knock around £41,624 (17%) off property prices in the area. The Deep Aquarium – in Kingston Upon Hull - has a similar effect, with households potentially losing £16,687 (11%) in the postal district.
Living near a football stadium could reduce house prices by over half (51%)
Football is part and parcel of British life. There are many football stadiums that tower over our cities, and they are some of the most highly-rated landmarks in the UK. However, thinkmoney’s research found that living near a football stadium could decrease the value of your property by 51%.
Of the 20 biggest football stadiums in the UK, only four increased house prices.
Wembley Stadium is the largest stadium in the UK, and the second biggest in Europe. It’s held games for football, rugby, American football, as well as music events. But, if you live in the postal area of Wembley, your home could lose up to 30% (or £197,281) of your home’s value.
The average property can sell for £653,994 in London. But, houses in Wembley are priced at around £456,713 - a 30% decrease.
Similar stories can also be found in Leeds and Manchester. Those buying or selling near Elland Road in Leeds could see a 49% (£111,826) drop from the value of their home.
Living within the postal area of Manchester City’s Etihad Stadium might also spell bad news. Houses under the shadow of the football stadium could sell for 32% (£136,140) less than the city’s average of £198,874.
However, households on the red side of Manchester could see their homes sell for more. Houses within the postal area of Manchester United’s Old Trafford could see an extra £45,938 added to their value.
The value of homes near natural local landmarks are boosted by up to 60%
While living alongside some of the UK’s greatest football stadium can negatively affect the price of your home, natural landmarks could increase your property’s value by up to 60%. The National Trust Wightwick Manor and Gardens is the best UK landmark to live near, boosting property prices by up 60% more than the average.
Similarly, the Sheffield Botanical Gardens - opened to the public in 1836 - is the second best natural landmark to live near. Homes could sell for an additional 36% (around £119,192) within the postcode.
Leeds Roundhay Park and Southampton’s Lepe Country Park also make an appearance in the 10 best tourist sights to live near. The homes within the postal area of Roundhay Park can experience an increase of 7% (£17,441) against the average property price. Those living near Southampton’s leafy Lepe Country Park could also see their homes sell for around 6% more - £20,487 more than the average property in the city.
Zoe Patrick, Director of Sales & Letting at Patrick Oliver, said: “Living near a local landmark can help sell your home, but it does depend on the landmark! As some will love being next to an icon, others will find the crowds and attention associated with tourism spots too much. Therefore, whilst landmarks can add an intrinsic value, there are so many other factors that will always be considered as well”
Benjamin Heginbotham, Director of Architectural Design firm The Practical Planning Company, also stated that “there are many factors that can help sell a property, but a house located near a popular landmark provides bragging rights like nothing else, primarily because of the view it offers. Of course, if you’re not lucky enough to own a property in a landmark location, and your view is more car park than castle, there are still plenty of ways to add value to your home and make it easier to sell.”
If you are thinking about making your way onto the property ladder, a thinkmoney Current Account can help you pay your bills on time which can help boost your credit score. This means you could be more likely to be accepted for a mortgage on the house of your dreams. For more information on how you can start to budget for getting onto the housing market, visit the thinkmoney blog.